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In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first century retirement income planning.
- Sales Rank: #1239375 in Books
- Published on: 2015-04-13
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .75" w x 5.98" l, .0 pounds
- Binding: Hardcover
- 274 pages
Most helpful customer reviews
7 of 8 people found the following review helpful.
Life Insurance Industry - Shot Across The Bow!
By Gary Mettler - Always Keep Your hands Up
Moshe A. Milevsky, in a life insurance industry - shot across the bow, makes yet another ground breaking appeal since his landmark 2004 white paper on Advanced Life Delayed Annuities (ALDA) that set the tone for the deferred income annuity (DIA) products we have today. The book re-evaluates how we think about lifetime income and what might make sense when it comes to “sharing” longevity risk among the various age classes of our society.
Milevsky makes an argument for re-emergence of “tontine thinking”. A tontine is a pure longevity risk sharing arrangement between participants not dependent on current insurance carrier lifetime annuity pricing proclivities. In this more transparent arrangement, mortality credits are actually shared with participants only after they are earned. Because there are no guarantees or reserving, but just a private arrangement, a tontine does not fall under insurance company auspices. Theoretically, any financial services industry participant could establish a tontine type arrangement to share longevity risk.
Look out life insurance industry! The “boys with cigars” behind closed doors are already discussing inexpensive and other mortality risk sharing arrangements. The re-emergence of a public and re-popularized tontine type arrangement might be the greatest retirement income financing mechanism come back since Lazarus!
Anyone interested in the advancement of lifetime retirement income financing thought should get this book!
0 of 0 people found the following review helpful.
Tontines
By John P. Kyle
I found the subject matter of King William's Tontine. Tontines essentially offer investors a return without a residual, and since Tontine owners obtain a return on their investment until their death, it can hold attraction until he dies. Of course, Tontines would have meager liquidity. Illegal in the United States because of abuses about a century ago, Tontines aroused my curiosity for government issued and administered instruments (since they are illegal for anyone else to underwrite). Originally used for other countries to finance wars, Tontines if marketed well could finance (or refinance) the US Government.Tontine owners might find the investment worthwhile whereas heirs clearly would not.
In any event, while I found the topic intriguing, the I had difficulty with Moshe MIlevsky's writing as the book meanders in a disjointed way and references the reader to unread chapters as well as to previous chapters. This style caused me to labor to finish reading the book. I much prefer to read a book that I enjoy to the point where I can hardly put it down. King Williams's Tontine did not provide that motivation for me, and I struggled through.
1 of 2 people found the following review helpful.
Five Stars
By JUAN C. GUTIERREZ B.
An insigthful approach to retirement planning!
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